Phantom gold in Swiss bank vaults

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swissaustrian

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I already knew from insiders that these scams were going on here in Switzerland, but it's interesting to see it confirmed by Egon von Greyerz:

http://kingworldnews.com/kingworldn...Shocked_Allocated_Gold_Not_in_Swiss_Bank.html

MP3 of the interview:
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2012/5/22_Egon_von_Greyerz.html
POSSESSION IS 9/10th OF THE LAW
 
So how did they settle this. Did they buy gold from another source or settle in cash or paper?
 
The bank probably bought it before delivering it to Matterhorn Asset Management (v. Greyerz's company). The physical gold market isn't particularly tight here in Switzerland. As long as it isn't a huge amount, it's not a problem to get physical quickly. Zürich is the gold center of continental Europe.
 
I seem to recall something similar happening a while back with another bank and the possibility of the bank being sued for all the "storage" fees they were charging for allocated gold that they didn't actually possess and weren't actually storing. I don't recall the details right now and I don't have time to search for it.
 
Yes, there were two cases one involving UBS ( http://www.gata.org/node/9733 ) and another Morgan Stanley ( http://www.silverbearcafe.com/private/moneyfornothing.html ). In both cases, it were the US branches of these banks however. It's the first known case of a Swiss branch of a bank.
Additionally, both cases were about phantom silver, not gold.
 
If they need to get physical quickly,maybe they could try Ft.Knox..:rimshot:


GOD BLESS & BRING OUR TROOPS HOME!!!
 
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